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Japanese tech investment SoftBank has decided to sell nearly all of its stake in Alibaba.
This is to limit exposure to China, the Financial Times reported Thursday.
According to the report, SoftBank, which once owned 34% of Alibaba, has sold more than $7 billion of its shares since the start of the year through prepaid forward contracts.
Last year, it sold a record $29 billion of shares in the Chinese company, reported the FT.
Shares in Alibaba plunged over 5% at one point in Hong Kong, before recovering almost half the losses.
Alibaba has been negatively impacted by a regulatory crackdown on the industry that began in 2020.
Alibaba was then investigated for alleged anti-competitive behaviour, and eventually fined a record $2.75 billion.
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